Money words
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this ppt introduces you to some business terms. note that it is especially designed for russian learners.
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· ▪ describe the process of initial public offerings,
· ▪ describe the process of secondary offerings,
· ▪ explain how the stock market is used to monitor and control firms, and
· ▪ describe the globalization of stock markets.
Stock markets facilitate equity investment into firms and the transfer of equity investments between investors.
10-1 PRIVATE EQUITY
When a firm is created, its founders typically invest their own money in the business. The founders may also invite some family or friends to invest equity in the business. This is referred to as private equity because the business is privately held and the owners cannot sell their shares to the public. Young businesses use debt financing from financial institutions and are better able to obtain loans if they have substantial equity invested. Over time, businesses commonly retain a large portion of their earnings and reinvest it to support expansion. This serves as another means of building equity in the firm.
The founders of many firms dream of going public someday so that they can obtain a large amount of financing to support the firm's growth. They may also hope to “cash out” by selling their original equity investment to others. Normally, however, a firm's owners do not consider going public until they want to sell at least $50 million in stock. A public offering of stock may be feasible only if the firm will have a large enough shareholder base to support an active secondary market. With an inactive secondary market, the shares would be illiquid. Investors who own shares and want to sell them would be forced to sell at a discount from the fundamental value, almost as if the firm were not publicly traded. This defeats the purpose of being public. In addition, there are many fixed costs associated with going public, and these costs would be prohibitive for a firm that seeks to raise only a small amount of funds.
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A
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and emails a week from business brokers and “searchers.” A regional bank auctioning off a business with $15 million in profits might pitch two
hundred prospects, receive fifty letters of intent, and take twelve separate private equity firms to management meetings, ending in a sale price
which the majority of bidders considers crazy. And the greatest prize of all—a software company—could sell for many multiples of revenue,
regardless of profitability.
As with the mortgage-backed securities bubble, experts are the promoters and pioneers of an “asset class” that they claim will offer high returns
with low risk, guided by the sage wisdom of elite managers. The legendary leader of Yale University’s endowment, David Swensen, has gone so far
as to call private equity a “superior form of capitalism.”
The experts agree with Swensen. A recent survey of institutional investors found that 49 percent expect private equity (PE) to outperform the
public equity market by a whopping 4 percent per year or more. Another 45 percent believe PE will outperform by 2–4 percent per year. Only 6
percent think returns will be comparable. The survey did not even bother to ask if investors thought PE might underperform. This is particularly
shocking given that data from Cambridge Associates shows that private equity returns have lagged the Russell 2000 index by 1 percent and the
S&P 500 by 1.5 percent per year over the past five years.
This consensus has led institutional investors to flood private markets with capital, about $200 billion per year of new commitments. The result is
soaring prices for private companies of all shapes and sizes. Just before the financial crisis, in 2007, the average purchase price for a PE deal was
8.9x EBITDA (earnings before interest, taxes, depreciation, and amortization—a commonly used measure of cash profitability). Deal prices reached
8.9x again in 2013 and are now up to nearly 11x EBITDA.
But asset prices are going up everywhere. What makes private equity dangerous is the use of debt—and the use of phony accounting to conceal the
riskiness of these leveraged bets. The average PE deal is 65 percent debt financed, and whereas the valuations of public equities are determined by
transparent, liquid public markets, PE firms determine the valuations of their own portfolio companies. Unsurprisingly, they report far lower
volatility than public markets.
This appraisal accounting also encourages lenders to take risks. After the financial crisis, the Fede.
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Similar to Money words
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The document defines common financial terms including debt, recession, gross margin, stock market, and investment. It then matches definitions to terms and sentence halves describing earnings per share, forecasts, bankruptcy, dividends, and pre-tax profits. Finally, it has the learner complete a report by filling in the blanks with the appropriate financial terms. The key terms covered include debt, recession, gross margin, stock market, investment, earnings per share, forecasts, bankruptcy, dividends, pre-tax profits, revenues, shares, and investment.
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The specific objectives of this chapter are to:
· ▪ describe the private equity market,
· ▪ describe investor participation in the stock markets,
· ▪ describe the process of initial public offerings,
· ▪ describe the process of secondary offerings,
· ▪ explain how the stock market is used to monitor and control firms, and
· ▪ describe the globalization of stock markets.
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10-1 PRIVATE EQUITY
When a firm is created, its founders typically invest their own money in the business. The founders may also invite some family or friends to invest equity in the business. This is referred to as private equity because the business is privately held and the owners cannot sell their shares to the public. Young businesses use debt financing from financial institutions and are better able to obtain loans if they have substantial equity invested. Over time, businesses commonly retain a large portion of their earnings and reinvest it to support expansion. This serves as another means of building equity in the firm.
The founders of many firms dream of going public someday so that they can obtain a large amount of financing to support the firm's growth. They may also hope to “cash out” by selling their original equity investment to others. Normally, however, a firm's owners do not consider going public until they want to sell at least $50 million in stock. A public offering of stock may be feasible only if the firm will have a large enough shareholder base to support an active secondary market. With an inactive secondary market, the shares would be illiquid. Investors who own shares and want to sell them would be forced to sell at a discount from the fundamental value, almost as if the firm were not publicly traded. This defeats the purpose of being public. In addition, there are many fixed costs associated with going public, and these costs would be prohibitive for a firm that seeks to raise only a small amount of funds.
10-1a Financing by Venture Capital Funds
Even if a firm wants to sell at least $50 million of stock to the public, it may not have a long enough history of stable business performance that it can raise money from a large number of investors. Private firms that need a large equity investment but are not yet in a position to go public may attempt to obtain funding from a venture capital (VC) fund. Such funds receive money from wealthy investors and from pension funds that are willing to maintain the investment for a long-term period, such as 5 or 10 years. These investors are not allowed to withdraw their money before a specified deadline. Venture capital funds have participated in a number of businesses that ultimately went public and became very successful, including Apple, Microsoft, and Oracle Corporation.
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The document discusses several topics related to finance and investing, including:
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The document discusses several topics related to finance and banking including:
1) SEBI approved new derivatives products in India to attract more domestic investors. BSE and NSE indices rose and the dollar and gold prices were stable.
2) Securitization is the process of converting existing assets or future cash flows into marketable securities like bonds. This allows companies to raise funds.
3) Hedge funds charge management and incentive fees and seek returns with low correlation to stocks and bonds. They have more flexible regulations than mutual funds.
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merica is in the grips of a speculative frenzy. Investment bankers, private investment firms, and even a few dozen recently graduated
MBAs labelling themselves “searchers” are calling, emailing, wining, and dining small business owners. Their goal is to translate prosaic
small businesses into the poetry of private equity.
The great postcrisis private equity gold rush is on, fueled by cheap debt and enthusiastic investors. A lawn care chain might get half a dozen calls
and emails a week from business brokers and “searchers.” A regional bank auctioning off a business with $15 million in profits might pitch two
hundred prospects, receive fifty letters of intent, and take twelve separate private equity firms to management meetings, ending in a sale price
which the majority of bidders considers crazy. And the greatest prize of all—a software company—could sell for many multiples of revenue,
regardless of profitability.
As with the mortgage-backed securities bubble, experts are the promoters and pioneers of an “asset class” that they claim will offer high returns
with low risk, guided by the sage wisdom of elite managers. The legendary leader of Yale University’s endowment, David Swensen, has gone so far
as to call private equity a “superior form of capitalism.”
The experts agree with Swensen. A recent survey of institutional investors found that 49 percent expect private equity (PE) to outperform the
public equity market by a whopping 4 percent per year or more. Another 45 percent believe PE will outperform by 2–4 percent per year. Only 6
percent think returns will be comparable. The survey did not even bother to ask if investors thought PE might underperform. This is particularly
shocking given that data from Cambridge Associates shows that private equity returns have lagged the Russell 2000 index by 1 percent and the
S&P 500 by 1.5 percent per year over the past five years.
This consensus has led institutional investors to flood private markets with capital, about $200 billion per year of new commitments. The result is
soaring prices for private companies of all shapes and sizes. Just before the financial crisis, in 2007, the average purchase price for a PE deal was
8.9x EBITDA (earnings before interest, taxes, depreciation, and amortization—a commonly used measure of cash profitability). Deal prices reached
8.9x again in 2013 and are now up to nearly 11x EBITDA.
But asset prices are going up everywhere. What makes private equity dangerous is the use of debt—and the use of phony accounting to conceal the
riskiness of these leveraged bets. The average PE deal is 65 percent debt financed, and whereas the valuations of public equities are determined by
transparent, liquid public markets, PE firms determine the valuations of their own portfolio companies. Unsurprisingly, they report far lower
volatility than public markets.
This appraisal accounting also encourages lenders to take risks. After the financial crisis, the Fede.
1703265 PAPER Comparative Analysis of Mutual Funds in Geojit Financial Servic...
1703265 PAPER Comparative Analysis of Mutual Funds in Geojit Financial Servic...DR BHADRAPPA HARALAYYA
DR BHADRAPPA HARALAYYA PROFESSOR AND HOD,
DEPARTMENT OF MBA,
LINGARAJ APPA ENGINEERING COLLEGE BIDARInvestment
Investment meaning
Investment types
MCQ
Stock
Real estate
Precious object
business
Bond
Certificate of deposit
Money market fund
Mutual funds
Exchange traded fund
Mridul arora final paper deloitte banking and finance
The document discusses various factors involved in pricing private equity transactions, including understanding the industry, valuation parameters, and estimating variables like EBITDA, enterprise value, and equity value. It also examines macro trends in private equity markets like growth in emerging markets and participation of investment banks and hedge funds. Pricing models focus on valuation metrics like EBITDA multiples, present value of future cash flows, and market ratios for listed companies.
Bank 301
- Xpresso Delight Limited is seeking $30 million in capital to fund a business expansion.
- The report identifies and evaluates sources of debt financing (loans, debentures, bonds) and equity financing (common shares, preferred shares, retained earnings).
- After analyzing the advantages, disadvantages, and implications of each source, the report selects the appropriate financing sources based on risk, legal, financial, and control considerations.
DealMarket Digest Issue 84 - 21st February 2013
SEE WHAT’S NEW AND NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 84 - 21st February 2013:
- Remarkable - PE Performance during the Financial Crisis
- IPO Positive: Institutional Investors
- Canada's Blowout Year for PE
- Heinz Buyout is a PE Mega-deal
- Is the Mega Buyout Back?
- Quote of the Week: PE’s Reputation Risk
Deal market digest issue 84_21 february 2013
This weekly digest from Dealmarket summarizes recent news and trends in the private equity industry:
1) A study found that private equity deals from 2006-2008 significantly outperformed stock markets during the financial crisis.
2) A survey found that institutional investors are more positive about investing in IPOs and pre-IPO stocks in 2013 compared to recent years.
3) Canada had a record year for private equity activity in 2012, driven by mega-deals totaling over $11 billion Canadian dollars.
1703331 PAPER The Performance of Mutual Fund Schemes in The Framework of Risk...
1703331 PAPER The Performance of Mutual Fund Schemes in The Framework of Risk...DR BHADRAPPA HARALAYYA
DR BHADRAPPA HARALAYYA PROFESSOR AND HOD,
DEPARTMENT OF MBA,
LINGARAJ APPA ENGINEERING COLLEGE BIDARChap005
The document discusses various types of financial instruments and markets. It begins by explaining how companies raise money through financial markets and the packaging of future cash flows. It then defines different financial markets and instruments such as money markets, capital markets, bonds, stocks, and preferred shares. It also discusses how private companies obtain financing and the process for companies going public.
Solution Manual for Principles of Corporate Finance 14th Edition by Richard B...
Solution Manual for Principles of Corporate Finance 14th Edition by Richard Brealey, Stewart Myers, Verified Chapters 1 - 34, Complete Newest Version.pdf
Solution Manual for Principles of Corporate Finance 14th Edition by Richard Brealey, Stewart Myers, Verified Chapters 1 - 34, Complete Newest Version.pdf
Venture capital firms a supply more than just money to smal.pdf
Venture capital firms a) supply more than just money to small start-up firms; they also provide
managerial advice to help the new business become established b) are typically composed of a
handful of well-to-do individuals who put their own money into small new companies, in exchange
for owning some portion of the firm c) sell bonds to the public d) make it difficult for small
businesses to raise the funds they need to growFirms have two main sources of borrowing: a)
banks and stock b) stock and bonds c) banks and bonds d) dividends and capital gainsWhich of
the following characteristics relate to venture capital? a) Investing in a wide range of companies, to
reduce the level of risk. b) Financial investments in new companies that are still relatively small in
size but that have potential to grow substantially. c) Buying or selling stock based on estimates of
the future expected profits. d) A direct payment from a firm to its shareholders.What is meant by
initial public offering (IPO)? a) A firm owned by the people who run it on a day-to-day basis. b)
When a firm first sells shares of stock to outside investors. c) Bonds issued by firms that wish to
borrow. d) A direct payment from a firm to its shareholders.Ownership in a firm is represented by ;
those who own some shares in a company are called a) stock, shareholders b) stock, board
members c) voting rights, board members d) voting rights, shareholdersThe stock of a business
firm is divided into a) individual shares b) voting shares c) non-voting shares d) individual
stocksDuring the recent U.S. recession, some large automakers required bailouts from the federal
government to avoid being forced into bankruptcy by their a) shareholders b) bondholders c) Chief
Executive Officer d) Board of DirectorsWhich of the following would legally qualify you to be
registered as a shareholder of Microsoft Corporation? a) buying the stock on the New York Stock
Exchange generally through an account with a stock broker b) investing in bonds issued by the
Microsoft c) ownership of debt issued by the firm d) a Microsoft employee given options to buy the
firm's sharesWhich of the following is a feature that typically distinguishes a Certificate of Deposit
from a checking account? a) generally pays more interest b) it is more liquid than a checking
account c) automatic teller machine access is available for Certificate of Deposits d) pays less
interest than a checking accountStock markets often experience a frenzy of buying or selling when
investors are by following the current trend in a very actively traded company. a) momentum
trading b) trading on fundamentals c) diversifying their portfolios d) decreasing investment
yieldsVenture capitalists typically create wealth by investing in a start up firm, and then in the
future their ownership in the firm's a) initial bond issue b) initial liquidity offering c) initial public
offering d) initial private offeringWhen decisions need to be made in a public company, th.
Kingfisher airlines ltd
The document provides an overview of Kingfisher Airlines and financial distress. It defines key terms like default, bankruptcy, and financial distress. It then describes common responses to financial distress, such as asset restructuring through asset sales or mergers, and financial restructuring like issuing new securities or negotiating with creditors. The document also introduces the Z-score model, developed by Edward Altman, as a statistical technique to predict bankruptcy by analyzing multiple financial ratios combined into a single score. It provides the formulas for the original and modified Z-score models and an example calculation.
1st assignment of FM
This document contains a student's assignment submission for a course in financial management. It includes the student's details, the assignment questions, and the student's answers to two of the questions. The first question defines financial management and discusses the goals of a firm in detail. The second question defines 20 key financial terms. The student provided thorough definitions for each term. The assignment was submitted on time and received positive feedback from the tutor based on the quality of the responses.
Investing
The document discusses various investment options including stocks, bonds, index funds, and retirement accounts. It provides an overview of key concepts such as how companies raise capital by selling stock, how index funds work, the purpose of bonds, and tax benefits of retirement accounts. The main takeaway message is that the stock market offers investment opportunities, index funds are a good way to invest in stocks, bonds provide relative security, and higher risk investments offer higher potential returns.
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
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Money words
- 1. MONEY WORDS
- 4. SHARE АКЦИЯ
- 5. DEBT ДОЛГ
- 8. EARNINGS PER SHARE ПРИБЫЛЬ ЗА АКЦИЮ
- 12. PRE-TAX PROFITS ДОХОДЫ ДО НАЛОГООБЛОЖЕНИЯ
- 13. REVENUES ДОХОДЫ
- 15. I. Math the definitions with the financial terms definitions terms 1. Money owed by one person or organization to another person or organization a. Gross margin 2. A period of time when business activity decreases because the economy is doing badly b. recession 3. Difference between the selling price of a product and the cost of producing it c. Shares 4. A place where company shares are bought and sold d. Debt 5. Money which people or organizations put into a business to make a profit e. Stock market 6. Equal parts into which the capital or ownership of a company is divided f. investment
- 17. II. Match the sentence halves 1. Earnings per share are a. a part of the profits of a company paid to the owners of shares. 2. A forecast is b. a company’s profits divided b the number of its shares. 3. Bankruptcy is c. a description of what is likely to happen in the future. 4. A dividend is d. money which businesses receive from selling goods or services. 5. pre-tax profits are e. when a person or organization is unable to pay their debts. 6. Revenues are f. the money a business makes before payment to the government.
- 19. III. Complete this report with the correct words
- 21. KEYS. I. 1 D 2 B 3 A 4 E 5 F 6 C
- 22. KEYS. II. 1 B 2 C 3 E 4 A 5 F 6 D
- 23. KEYS. III. 1 Pre-tax profits 2 Forecast 3 Recession 4 Earnings per share 5 Dividend 6 Shares 7 Investment 8 Profits 9 Gross margin 10 Debt 11 Bankruptcy 12 Revenues